That makes the most sense, I bet if you purchased a AP at a ticket booth it would say roughly the same thing. The card is just to get you in ONE TIME so you can get your official AP.
What you purchased is a one-day ticket that you exchange for an AP on the day that you use it. Sometime during that day, you must visit the AP processing center to get photographed and have your AP issued to you. One year after that day becomes the expiration date of your new AP.
Have bicycle, will ride. Finished 2012 with 10,089 miles, 683 hours, and 482,000 feet of elevation gain. 2013: 201 rides, 8171 miles, 544 hours, 480K feet.
Good morning, son
In twenty years from now
Maybe we'll both sit down and have a few beers
And I can tell you 'bout today
And how I picked you up and everything changed
It was pain
Sunny days and rain
I knew you'd feel the same things...